This paper analyzes the effects of mergers and acquisitions on the markups of non-merging rival firms across a broad … production functions, we estimate markups as a measure of market power. Our results indicate that rivals significantly increase … their markups after mergers relative to a matched control group. Consistent with increases in market power, the effects are …

our firm-level markup estimates. We document increasing markups in the overall economy throughout the first fifteen years … sectors with high markups increase their market share, which raises the aggregate markup, but this is dominated by a negative … correlation between changes in market share and markups, which depresses the aggregate. …

and high firm markups. This paper reviews the existing literature and discusses what can be learnt from new administrative … firm-level panel data. I present new evidence on South African markups, industrial concentration, and the firm …-size distribution, for sectors across the South African economy. I find that conclusions on whether markups are 'high' or 'low' are …